In exercise of its powers and in line with its desire to promote and facilitate the development of efficient and effective payment systems in the country, the Central Bank of Nigeria (CBN) Thursday issued the regulatory framework for the Bank Verification Number (BVN) operations as well as for watch-list of fraudsters in the banking industry.
The central bank disclosed this in a circular posted on its website Thursday. It explained that the initiative was also expected to deepen the electronic payment system.
The framework also defined the establishment and operations of watch-list for the banking industry, to address the increasing incidences, of frauds, with a view to engendering public confidence in the banking industry.
The central bank in collaboration with the Bankers Committee had proactively embarked upon the deployment of a centralised bank verification system and launched the BVN in February, 2014.
This was part of the overall strategy of ensuring effectiveness of the Know Your Customer (KYC) principles.